JPMorgan names retail finance executive Lake as new CFO
By David Henry
(Reuters) - JPMorgan Chase & Co (JPM.N: Quote) on Monday named Marianne Lake, currently financial chief of its retail banking unit, to be chief financial officer, elevating a little-known executive to the senior ranks of the largest U.S. bank.
Lake, 43, will replace Doug Braunstein as CFO early next year, becoming one of the highest-ranking women on Wall Street, along with others such as Ruth Porat, the chief financial officer of Morgan Stanley (MS.N: Quote).
Lake will answer directly to Dimon in her new job, reestablishing a reporting line for the job that Dimon had taken from Braunstein in July.
"I hope to be described as a great partner and someone who helped drive and develop the business," Lake said in a interview.
Braunstein, 51, a former investment banker, will become a vice chairman at JPMorgan and "focus on serving top clients," according to an announcement from the company.
JPMorgan Chase, roiled by $6.2 billion of trading losses from bad credit bets, has seen a series of management shake-ups in recent months.
In a reshuffle over the summer, Dimon named Michael Cavanagh and Daniel Pinto - both in their late 40s at the time - co-chiefs of commercial and investment banking.
A person familiar with the matter last month said any move by Braunstein would be his decision and was unrelated to the bad credit trades. Continued...